Paychex -1.9% AH as FY 2015 guidance looks light

Paychex (PAYX) -1.9% AH, reversing initial gains after announcing FQ4 earnings rose 18% Y/Y on continued revenue growth in its payroll and human resource services businesses.

Payroll service sales rose 3.1% Y/Y to $394.5M amid higher prices, as well as growth in its client base and checks per payroll; human resources revenue rose 22% to $234M, driven primarily by client-base growth.

For recently started FY 2015, PAYX expects earnings growth of 6%-8%, vs. analyst consensus estimate for profit growth of 8%; sees growth in total service revenues of 8%-10% to $2.62B-$2.67B, payroll service revenues +3%-5%, HRS revenues +16%-19%.

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